DISCUSSION QUESTIONS
1. Identify the features common to the gift tax formula and the estate tax formula.
2. Can you address the gifting between spouses?
3. How does mortgage and debt reduce estate tax? Does an heir inherit his parent's debt?
4. What is gift tax? Identify two types of transfers (for inadequate consideration) that are specifically excluded from imposition of the gift tax.
5. Describe the unified credit and the purpose it serves in the gift and estate tax.
6. What is Timing Strategy?
7. What is Tax Avoidance vs. Tax Evasion?
8. What is the Three Basis Tax Planning Strategies?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.